Rejected by his own bank – here’s how this business owner acquired new building finance

When the owner of an auto accessories business needed finance to build new premises for his expanding business he took what he thought was the logical step of visiting his bank.

To his surprise he was told they couldn’t advance him the funds as they felt he would not be able to service the loan.

Mapel Building, which had produced a plan for the new building, suggested he discuss the problemwith one of their trusted panel of Finance Brokers.

After an in-depth chat,the client suppliedthe brokerwith updated numbers and the brokerthen set about putting together a proposal that would give a lender a better understanding of how the business operated.

Mapel’s Client was able to secure the required loan within a fortnight and at an interest rate of more than 1% lower than what the client was paying on his existing loan for the land on which he intended building.

This land loan was accordingly refinanced to also take advantage of the better interest rate.

The broker said: “Like many people, the client wasn’t aware he’d been paying a higher interest rate than he should on the land loan. It’s a lesson to all of us. Your own bank may not necessarily offer you the best deal available on the market.”


 

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